Does this mean we need not worry about supply and increasing our consumption and dependence on oil? And the curse part, will this halt the incentive to move towards a cleaner, greener alternative energy source if there is this new abundance of oil here in the US? And what of our climate and environment?

….The Monterey Shale, the largest oil-shale reservoir in the country, is estimated to hold some 14 billion barrels of oil. The federal government is preparing to lease out a large chunk of it for oil development, spanning Monterey, Fresno and San Benito counties.

…North America will provide 40 percent of new supplies to 2018 through the development of light, tight oil and oil sands, while the contribution from the Organization of Petroleum Exporting Countries will slip to 30 percent, according to the International Energy Agency.